Sunday, 18 February 2018

The Pound Debacle

Hi Traders,

The Pound (now at 1.4025) dived as predicted in my previous newsletter. Unless a surprises rally to 1.45 occurs, it is now supposed to bounce back to 1.41 before resuming the major downtrend.


The monthly chart reveals that the Cable is performing a huge a-b-c where  wave-c is made of 5 waves down. Four of these waves are already fully deployed. The making of the fifth wave has just started.

The weekly chart displays the end of major-wave-4 but it also shows that the theoretical target is 1.45. This is one of the two reasons why I said that a last minute "surprise rally" is still possible. The second reason is that the wave count actually allows it.

The daily and the 4-hours charts display four small waves down from the top at 1.4350.

The 4-hours and the 1-hour charts suggest a limited rebound to 1.407-1.410 before resuming the downtrend.

Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hours chart, click to enlarge

1-hour chart, click to enlarge

No comments:

Post a Comment

Hi Traders. Tell me if you agree or (politely) disagree.

Note: only a member of this blog may post a comment.